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Yesterday, the Institute for Fiscal Studies issued its Green Budget. Its name suggests otherwise, but this document has nothing to do with environmentalism. Instead it is a piece-by-piece analysis of the British economy.

The coruscating thoroughness of the Institute’s work was reflected in the turnout for the launch event. It took place in the same room in which Ed Miliband  recently announced his bank reform policies. The IFS pulled in an even larger crowd than the possible next PM.

And the report’s findings? That the Government his barely half way through its intended programme of fiscal tightening—or “cuts”. More fiscal…

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